Scott Besant praises the “highly successful framework” of the US-China trade deal

Any agreement would be a relief to international markets even if it does not address fundamental issues involving manufacturing and access imbalances The latest computer chips.

Beijing recently limited exports Rare earth elements needed for advanced technologies, and Trump responded to it Threatening to impose additional customs duties On Chinese products. The potential for the conflict to expand is fraught with danger – Weakening economic growth around the world.

China’s chief trade negotiator, Li Qinggang, told reporters that the two sides had reached a “principled consensus,” while Trump’s Treasury Secretary, Scott Besent, said there was a “very successful framework.”

Trump also expressed confidence in reaching an agreement, saying that the Chinese “want to make a deal and we want to make a deal.” The Republican president is scheduled to meet with Xi on Thursday in South Korea, the final stop on his tour through Asia. Trump reiterated that he intends to visit China in the future, and suggested that Xi come to Washington or Trump’s private Mar-a-Lago club in Florida.

Besant told CBS’ “Face the Nation” that the threat of additional tariffs on China is “really off the table.” In interviews on several US news programs, he said that discussions with China had resulted in preliminary agreements to block fentanyl precursor chemicals from entering the United States, and that Beijing would make “significant” purchases of soybeans and other agricultural products while deferring export controls on rare earth elements.

Progress toward a possible agreement came during the annual summit of Association of Southeast Asian NationsIn Kuala Lumpur, where Trump seeks to burnish his reputation as an international dealmaker.

However, his way of pursuing deals meant serious unrest at home and abroad. The import taxes he imposed distorted relations with trading partners while… US government shutdown It brought him into conflict with the Democrats.

Trump attends a ceasefire ceremony between Thailand and Cambodia

At the summit, Thailand and Cambodia signed an expanded ceasefire agreement during a ceremony attended by Trump. His threats of economic pressure prompted the two countries to stop skirmishes along the disputed border earlier this year.

Thailand will release Cambodian prisoners and Cambodia will begin withdrawing heavy artillery as part of the first phase of the deal. Regional observers will monitor the situation to ensure that fighting does not resume.

“We did something that a lot of people said couldn’t be done,” Trump said. Cambodian Prime Minister Hun Manet called it a “historic day,” and Thai Prime Minister Anutin Charnvirakul said the agreement creates “the building blocks for a lasting peace.”

The President signed economic frameworks with Cambodia, Thailand and Malaysia, some of which aim to increase trade in vital minerals. The United States wants to rely less on China, which has made limited use of exports of key components in technology manufacturing as a bargaining chip in trade talks.

“It is critically important that we work together as willing partners with each other to ensure that we have seamless supply chains, secure supply chains, for quality of life, for our people and for our security,” said US Trade Representative Jamison Greer.

Trump is re-engaging with a key region of the world

Trump attended this summit only once during his first term, and US Defense Secretary Pete Hegseth looked unfamiliar With ASEAN during his confirmation hearing in January.

This year’s event was an opportunity for Trump to reconnect with countries with a combined economy of $3.8 trillion and a population of 680 million.

Trump said: “The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come.” He described his counterparts as “amazing leaders” and said that “everything you touch turns to gold.”

Trump’s tariff threats have been credited with helping spur negotiations between Thailand and Cambodia. Some of the worst modern fighting between the two countries took place over five days in July, killing dozens and displacing hundreds of thousands of people.

The president, at the time, threatened to withhold trade agreements unless the fighting stopped. A fragile truce It has continued ever since.

Malaysian Prime Minister Anwar Ibrahim He praised the agreement between Thailand and Cambodia, saying at the summit that it “reminds us that reconciliation is not a concession, but an act of courage.”

Tariffs are the focus of Trump’s trip

Trump met with Brazilian President Luiz Inacio Lula da Silva in Kuala Lumpur, who was also attending the summit. There was a disagreement between them over Brazil’s trial of Jair Bolsonaro, the country’s former president and a close ally of Trump. Bolsonaro was convicted last month of trying to overturn the election results in his country.

During their meeting, Trump said he could reduce tariffs on Brazil He enacted a law in an attempt to go easy on Bolsonaro.

“I think we should be able to make some good deals for both countries,” he added.

While Trump courted Lula, he avoided Canadian Prime Minister Mark Carney. The president is angry with Canada over a TV ad protesting his trade policies, and on his way to the summit he announced on social media that he would do so. Raising customs duties on Canada Because of that.

One of the leaders absent from the summit was Indian Prime Minister Narendra Modi. Although he was close to Trump during Trump’s first term, the relationship has become more strained recently. Trump caused anger when he bragged that he had reached a settlement The recent conflict between India and Pakistanand it has Increased customs duties on India To buy Russian oil.

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Associated Press writers Josh Bock in Tokyo and Jintamas Sakhornchai in Bangkok contributed to this report.